Quick Tips for Enganging With Credit Card Customers Online

Currently, 39% of customers who use social media for credit card purposes report discussing their experience—both positive and negative experiences (22% and 12%, respectively)—or informing their financial institution about a customer service issue (16%). Credit card customers are more likely to use social media to a share an experience or post a customer service issue than do retail banking customers.

The following graph shows which card issuer customers are most willing to read and share their experiences through social media in the future.

  • The top two issuers whose customers have the most interest in using social media as a service platform don’t offer any links to these services on their home page
  • Among the 10 issuers included in the study, only three have social media links on their website
 Source: J.D. Power and Associates 2011 Credit Card Satisfaction Study

Here are a few tips to help maximize the social media experience with credit card customers:

Let Them Find You – Issuers with customers who have an interest in communicating through social media should include links to their home pages. This is a growth opportunity for issuers to interact with and satisfy their customers on yet another subset of the online platform.  Make it easy for customers to find you and interact with you.

Prepare to Engage – Issuers should be mindful that once a customer is engaged or receives a response via social media, they cannot control where the conversation goes. Issuers should therefore be prepared for any situation and realize that customers could take the conversation in a completely different direction than what might have been intended.

It’s a Two-Way Street – Issuers should be wary about trying to influence or change a customer’s opinion. Social media is a tool that allows for two-way conversations, and may result in the customer and issuer agreeing to disagree.

Be Real – Honesty, transparency, and accountability are critical in the social media space; however, being in a highly regulated industry, issuers need to find a balance between this and the constraints of imposed regulations.  Be aware of what they are, but don’t allow them to limit or prevent dialogue and responses.

Talk and Tell – Don’t just sell.  Social media should not be used solely as a sales tool


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